New Mexico Educational Retirement Board acquired a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 17,200 shares of the bank’s stock, valued at approximately $1,205,000.
Other large investors have also bought and sold shares of the company. Public Employees Retirement System of Ohio raised its position in Prosperity Bancshares by 60.3% during the second quarter. Public Employees Retirement System of Ohio now owns 71,170 shares of the bank’s stock valued at $4,572,000 after purchasing an additional 26,778 shares in the last quarter. Handelsbanken Fonder AB raised its position in Prosperity Bancshares by 45.2% during the third quarter. Handelsbanken Fonder AB now owns 450,000 shares of the bank’s stock valued at $29,578,000 after purchasing an additional 140,000 shares in the last quarter. New York State Common Retirement Fund raised its position in Prosperity Bancshares by 1.2% during the third quarter. New York State Common Retirement Fund now owns 146,900 shares of the bank’s stock valued at $9,656,000 after purchasing an additional 1,800 shares in the last quarter. Royal Bank of Canada raised its position in Prosperity Bancshares by 36.3% during the second quarter. Royal Bank of Canada now owns 6,548 shares of the bank’s stock valued at $421,000 after purchasing an additional 1,745 shares in the last quarter. Finally, South Dakota Investment Council raised its position in Prosperity Bancshares by 24.0% during the third quarter. South Dakota Investment Council now owns 138,284 shares of the bank’s stock valued at $9,089,000 after purchasing an additional 26,800 shares in the last quarter. 79.51% of the stock is owned by institutional investors.
In related news, CFO David Hollaway sold 5,000 shares of the business’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $76.32, for a total transaction of $381,600.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael Epps sold 4,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $75.15, for a total value of $300,600.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,800 shares of company stock worth $818,280. Company insiders own 4.93% of the company’s stock.
A number of equities research analysts have weighed in on the company. DA Davidson raised their price target on Prosperity Bancshares to $80.00 and gave the company a “neutral” rating in a research report on Thursday, January 25th. SunTrust Banks restated a “buy” rating and set a $85.00 price target on shares of Prosperity Bancshares in a research report on Thursday, January 25th. Zacks Investment Research downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. ValuEngine downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $79.00 price target on shares of Prosperity Bancshares in a research report on Friday, December 22nd. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $74.45.
Prosperity Bancshares, Inc. (NYSE:PB) opened at $77.21 on Thursday. The company has a market capitalization of $5,318.15, a PE ratio of 19.38, a PEG ratio of 1.60 and a beta of 1.37. Prosperity Bancshares, Inc. has a twelve month low of $55.84 and a twelve month high of $78.24.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, January 24th. The bank reported $0.99 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.01). The company had revenue of $185.27 million during the quarter, compared to analysts’ expectations of $185.43 million. Prosperity Bancshares had a return on equity of 7.28% and a net margin of 34.28%. During the same quarter in the prior year, the firm posted $0.99 EPS. analysts expect that Prosperity Bancshares, Inc. will post 4.78 earnings per share for the current fiscal year.
Prosperity Bancshares declared that its Board of Directors has initiated a share repurchase plan on Friday, January 19th that allows the company to buyback 3,470,000 outstanding shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Friday, March 16th will be issued a $0.36 dividend. The ex-dividend date is Thursday, March 15th. This represents a $1.44 annualized dividend and a dividend yield of 1.87%. Prosperity Bancshares’s dividend payout ratio is currently 36.64%.
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Prosperity Bancshares Profile
Prosperity Bancshares, Inc is a financial holding company, which operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial products and services to small and medium-sized businesses and consumers. The Company, through the Bank, offers a range of loan and deposit products to its customers.
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